BEIJING: Copper prices struggled in a tight range on Monday after three straight weeks of declines, with investors looking more cues on the global economic outlook from the Federal Reserve meeting and US data releases this week.
Three-month copper on the London Metal Exchange gained 0.1% to $9,121 per metric ton by 0151 GMT, while the most-traded September copper contract on the Shanghai Futures Exchange climbed 0.4% to 74,380 yuan ($10,255.77) a ton.
Last week, both contracts hit their lowest levels in more than three-and-a-half months on worries about China demand prospects after a slower-than-expected economic growth in the second quarter and lack of stimulus from a key political gathering.
After a benign June inflation report last week, markets are wagering the Fed will lay the groundwork for a September rate cut at its policy meeting on Wednesday.
Also due this week is the US jobs report for July, closely watched surveys on US and global manufacturing, along with Eurozone gross domestic product and inflation data.
Citi Research said in a note on Friday that copper prices will likely struggle for direction in the coming weeks before recovering to $9,500 per ton within three months and touching $11,000 by early 2025.
Copper set for third weekly decline on Chinese demand woes
LME lead was up 0.7% at $2,082 a ton, zinc nudged 0.1% higher to $2,670.50, tin slid 0.5% to $29,425, nickel ticked up 0.2% to $15,830, and aluminium was down 0.3% at $2,283.
SHFE aluminium was up 0.4% at 19,275 yuan a ton, nickel rose 0.8% to 127,030 yuan, lead dropped 0.7% to 18,610 yuan, tin moved up 0.2% to 247,150 yuan and zinc dipped 0.1% to 22,670 yuan.
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